The Unified Payments Interface (UPI) crossed the 10 million transaction mark in June 2017, according to the National Payments Corporation of India, the agency that handles all retail payments in India.
The transaction volume rose to 10 million from less than one million in August 2016. UPI volume, including UPI, BHIM and USSD 2.0 - *99# during the last three months was 7.20 million, 9.36 million and 10.35 million in April, May and June 2017 respectively, NPCI said in a statement.
UPI is a system that brings multiple banks onto a single mobile application, merging several banking features, seamless fund routeing and merchant payments. The app was developed by NPCI and launched in August last year.
NPCI launched the app with 21 banks, and it is currently being offered by about 50 banks.
The number of merchants using UPI has also grown, with about 22 percent of UPI transaction volume being merchant based.
“Transactions on UPI is growing exponentially due to increased acceptance among member banks, merchants and consumers. Usage of UPI powered BHIM app (Bharat Interface for Money) has also been a significant contributor. Our current focus is on the release of next version of BHIM App with enhanced functionalities,” said AP Hota, CEO, NPCI.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
